Bonds traded choppily today as the market awaits results in the Presidential elections. "The major factor is the election -- it's too close to call," said Mary Ann Hurley of D.A. Davidson.
In keeping with the tone of the last few days, the market was on the defensive with investors unwilling to risk new capital until the political environment is clarified.
The benchmark 10-year
Treasury note fell 5/32 to 99 4/32, raising its yield to 5.868%.
Treasury bond fell 5/32 to 104 29/32, raising its yield to 5.899%.
Chicago Board of Trade
, the December
Treasury futures contract was unchanged at 98 25/32.
Dow Jones Industrial Average closed with a 25-point loss while the tech-heavy
Nasdaq fell less than 1 point.
Today's Treasury refunding auction of $12 billion, 5-year Notes produced a median yield of 5.830% and a high yield of 5.870%. This result was seen as weak and suggests that investors are not interested in taking on new positions. "A very sloppy auction -- people just bid to bid," said Roseanne Briggen of
Tomorrow the Treasury will offer $8 billion of 10-year Notes. "Hopefully, that auction will go better than today's as we will have some of the uncertainty out of the way," said Mary Ann Hurley.
BTM Weekly U.S. Retail Chain Store Sales Index
chart ) for the latest week slipped 0.2%, after a 1.2% decline in the prior week.
Redbook Retail Average
chart ) for the month ending November 4, fell 0.6%, after a 0.2% gain in the previous period. The average has been on a downward path for the whole of this year.
Currency and Commodities
The dollar fell against the yen and rose against the euro. It lately was worth 106.95 yen, down from 107.45. The euro was worth $0.8600, down from $0.8616. For more on currencies, see
Crude oil for December delivery at the
New York Mercantile Exchange
rose to $33.45 per barrel from $33.00.
Bridge Commodity Research Bureau Index
rose to 225.51 from 223.98.
Gold for December delivery at the
fell to $265.5 per ounce from $266.0.